- The hashrate of Bitcoin reached a new all-time high of over 943 EH/s.
- The increase in mining difficulty has not hampered growth as miners invest in long-term expansion.
- This slow rise in price and hashrate indicates enormous confidence in the future of Bitcoin.
The hashrate of Bitcoin is at an all-time high, indicating that the mining ecosystem of the network is strong once again. According to recent data, the hashrate has exceeded 943 exahashes per second (EH/s), reflecting a rise in computing power employed by miners worldwide. This new record high proves the growing seriousness of the mining activity even after the recent fourth halving that decreased block rewards by half.
In the past, hashrate increases have been accompanied by multi-year bull markets in the price of Bitcoin. Although the price movement is still volatile, the fact that the hashrate is continually increasing shows that miners are confident in the system and willing to continue investing in infrastructural support, although at reduced profit margins.
The most significant increases in hashrate seem to have increased between 2021 and 2024, with the recent shift taking the network beyond 0.9 billion TH/s. Another important aspect that the chart demonstrates is the mines’ growing productivity and size.
Meanwhile, the price of Bitcoin has recently reached almost $110,000, narrowing the gap between the growth of the hashrate and the price. This relationship further supports the idea that increasing hashrate is both an indication of confidence and a consequence of growing market capitalization.
Mining Power Reaches Peak Before Dropping 75 EH/s
The hashrate of Bitcoin reached an all-time high of 943 EH/s on May 31, a reflection of the intensity of computing power ever used on the network. This occurred weeks after the fourth halving in April 2024, which reduced block rewards and reset profitability levels for miners.
The trend, however, changed swiftly. According to Hashrate Index data, the seven-day simple moving average has declined to 868 EH/s, a loss of 75 EH/s. The drop was triggered by an increase in difficulty on May 30 that bumped the target to 126.98 trillion, so miners now require more energy and computing power to find a valid block. This change pushed mining economics, particularly that of smaller operations with tighter margins.
Difficulty Spike and Falling Hashprice Pressure Miners
Meanwhile, it had adverse effects on miner profitability. Hashprice, revenue per PH/s, fell by 7.53%, losing $57.12 on May 29 to $52.82. This decrease in revenue came at a time when the requirements of operations went up since they were more difficult. Miners face smaller rewards, shrinking margins, and higher power costs, which do not incentivize inefficient operations to stay online.
The block time is averaged at 10 minutes and 23 seconds, slower than the desired 10 minutes. This kind of lag is a sign that the network is straining to maintain the current hashrate levels. If the block times remain elevated, the subsequent difficulty drop can reduce the mining difficulty by around 3.72%, leaving the remaining miners off the hook.
